Question
A freight-hauling firm estimates that it will need a new forklift in six years.The estimated cost of the vehicle is $40,000.The company sets up a
A freight-hauling firm estimates that it will need a new forklift in six years.The estimated cost of the vehicle is $40,000.The company sets up a sinking fund that pays 8% compounded semiannually, into which it will make semiannual payments to achieve the goal.Calculate the size of the payments.Show work separately.
A) $1323.71
B) $2107.80
C) $2662.09
D) $1023.47
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Mathematical Interest Theory
Authors: Leslie Jane, James Daniel, Federer Vaaler
3rd Edition
147046568X, 978-1470465681
